Consumer-to-business payments firm Sionic says it is releasing online and mobile widgets that accept real-time, bank-to-bank digital donations.
The Atlanta-based company announced the launch in a news release Wednesday (July 6), saying the move will allow for instant, lower-cost cash deposits to nonprofits from donors. The service lets nonprofits receive direct deposit, and one-time or recurring donations while avoiding steep credit card swipe fees and enjoying immediate access to funds.
“Sionic is leveraging its rich history of creating practical and meaningful fundraising solutions for the nonprofit community,” said William C. Brown, the company’s chief marketing officer. “Delivering direct cash deposits from donors to nonprofits’ bank accounts while bypassing expensive card swipe fees is a win-win for both parties.”
The company’s past work in this sector involved facilitating digital donations for nonprofits via its Shop2Give mobile app and platform. Sionic says it has built on this experience to become the first provider to give nonprofits the ability to accept real-time payments (RTP) for donations.
The company is also offering a “Bundled Payments” package, which lets nonprofits access both pay-by-bank and pay-by-card widgets, combining donations inside a single platform. Sionic will process all card payments through Visa’s Cybersource, accepting bank payments through the RTP Network.
Read more: C2B Payments Solution Provider Sionic Debuts RTP for US Businesses
Last month, Sionic debuted what it called the first service to allow immediate point-of-sale payments from customer accounts to business accounts.
The service lets businesses receive funds almost instantly while avoiding card swipe fees, and allows them to offer customers perks for using Sionic instead of a credit or debit card.
“This is a good step forward in helping merchants combat inflation,” said Ronald Herman, founder and CEO of Sionic.
He noted that businesses around the world paid $110 billion in card fees in 2020, a figure that doesn’t count the late fees paid by customers.
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